Showbiz
Michael Kors Acquires Luxury Fashion Brand, Versace, for $2.12b
By Dipo Olowookere
Global fashion luxury group, Michael Kors Holdings Limited, has signed a definitive agreement to acquire all of the outstanding shares of Italian luxury fashion house, Gianni Versace, for a total enterprise value of €1.83 billion or $2.12 billion.
Versace, long recognized as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style.
A statement by Michael Kors disclosed that with the acquisition, it intends to grow Versace to $2.0 billion in revenues globally and build on the brand’s luxury runway momentum.
In addition, the firm plans to enhance Versace’s powerful and iconic marketing, increase global retail footprint from approximately 200 to 300 stores, accelerate e-commerce and omni-channel development, and expand men’s and women’s accessories and footwear from 35 percent to 60 percent of revenues.
It was disclosed that the acquisition of Versace is expected to deliver a number of benefits for Michael Kors by helping it grow the group’s revenues to $8 billion in the long-term, expand the global luxury group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation.
Also, the deal is expected to diversify Michael Kors’ geographic portfolio from 66 percent Americas to 57 percent Americas, 23 percent Europe to 24 percent Europe, 11 percent Asia to 19 percent Asia, and create a potential long-term operational synergies.
Commenting on the deal, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, Mr John Idol, said, “The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage.
“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.
“With the full resources of our group, we believe that Versace will grow to over $2 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”
“Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision. I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth,” Mr Idol continued.
“This is a very exciting moment for Versace,” said Donatella Versace. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”
Donatella added, “Santo, Allegra and I will become shareholders in Capri Holdings Limited. This demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group.”
“Versace’s management team will continue to be led by Chief Executive Officer, Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide,” added John D. Idol. “He and Donatella have assembled strong senior management and design teams that will continue to lead Versace into its next chapter. We are extremely fortunate to be able to acquire such an extraordinary brand with an incredibly talented team.”
Jonathan Akeroyd, Chief Executive Officer of Versace, said, “Since I joined Versace over two years ago, our focus has been on leveraging the company’s heritage and strong brand recognition worldwide, which has allowed us to experience significant growth in all regions. Donatella’s unmatched vision has led to the continued and growing success of our brand. I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.”
There aren’t many TV shows that can make you remember characters more than a decade after you first met them.
Mention Sheila Gardia or Freddy Ade-Williams and anyone who has followed Tinsel instantly remembers the boardroom battles, unexpected betrayals, complicated romances and family feuds that made it impossible to stop at just one episode. Through every season, viewers have watched alliances shift, businesses rise and fall, and relationships survive or crumble under pressure.
Now, the story continues.
Season 19 of Tinsel premieres on Monday, August 3, taking viewers back into the world of the Ade-Williams family, where the drama is far from over. This season, the Reel Group is looking to grow bigger than ever, but that growth comes with new enemies determined to bring the company down. As business rivalries heat up and people begin plotting against each other, familiar faces will also have to deal with personal challenges and unexpected investigations that could change everything. If there’s one thing Tinsel has always proven, it’s that just when you think things are finally settling down, another twist is around the corner.
The new season welcomes back familiar faces including Ireti Doyle as Sheila Gardia, Dozie Onyiriuka as Freddy Ade-Williams, Linda Ejiofor as Bimpe, Ibrahim Suleiman as Damini, Iyke Okechukwu as Chuks and Florence Uwaleke Okechukwu as Ene, alongside the gripping storytelling that has kept audiences invested for nearly two decades.
Catch new episodes of Tinsel every weekday from Monday, August 3, at 7:30 pm WAT on Africa Magic Showcase (DStv Channel 151 and GOtv Channel 8).
And just when you think the drama is over…
Africa Magic is also introducing a brand-new story that asks one simple question: What happens when the truth you’ve been protected from is finally revealed? Premiering on the same day is Secret Lives, a brand-new drama that explores what happens when hidden truths finally come to light.
The series follows Zee, whose life takes an unexpected turn after a shocking discovery puts her relationship and future in doubt. As she begins to uncover secrets that have been hidden from her for years, she is forced to deal with heartbreak, betrayal and difficult choices while trying to protect the people she loves.
Blending romance, family drama and suspense, Secret Lives stars Oluchi Amajuoyi, Keppy Ekpeyong, Nonso Odogwu, Eyiyemi Olivia Rogbinyin, Ejiro Badare, Floyd Igbo and Favour Etim in a story where every episode promises fresh twists and emotional turns.
The series, produced by FEEMO and helmed by AMVCA-nominated showrunner James Omokwe, explores themes of love, identity and generational secrets, making it the perfect follow-up for viewers who enjoy emotionally layered dramas.
Secret Lives premieres on Monday, August 3, with new episodes airing weekdays at 8:30 pm WAT on Africa Magic Showcase (DStv Channel 151 and GOtv Channel 8), with episodes also available on DStv Stream.
Whether you’re returning to the familiar world of Tinsel or diving into the mysteries of Secret Lives, one thing is certain: August is bringing the kind of stories that will keep you counting down to the next episode.
To upgrade, subscribe or reconnect, download the MyGOtv App or dial *288#. For catch-up and on-the-go viewing, download the GOtv Stream App and enjoy your favourite shows anytime, anywhere.
By Adedapo Adesanya
Mr Peter Okoye, professionally known as Mr P, has alleged that a proposed multi-billion Naira sale of the defunct P-Square’s music catalogue collapsed after prospective buyers uncovered irregularities during the due diligence process.
This revelation offers a fresh financial dimension to the long-running dispute that has divided Nigeria’s most successful music duos.
The singer made the allegation in a video series posted on his social media pages, where he shared his account of the events surrounding the group’s 2021 reunion and the disagreements that followed with his twin brother, Mr Paul “Rudeboy” Okoye, and their elder brother and former manager, Mr Jude “Engees” Okoye.
According to Mr P, the failed catalogue transaction occurred after the brothers publicly reunited in 2021.
He alleged that interested buyers had made offers worth billions of Naira for the rights to P-Square’s music catalogue, but the proposed deal did not proceed after issues were allegedly discovered in backend records submitted as part of the due diligence process.
As of press time, neither Rudeboy nor Mr Jude Okoye has publicly responded to the latest allegation.
Mr P’s claims add another layer to the financial disagreements that have repeatedly overshadowed the affairs of the award-winning music duo, whose catalogue includes hit songs such as Bizzy Body, Do Me, Personally, No One Like You and Chop My Money.
Beyond the alleged failed sale, the singer claimed that shortly after the brothers reconciled in 2021, he was asked by his two other brothers to sign documents aimed at reviving P-Square under a new bank account.
The music maker said he declined because he wanted to preserve the renewed family relationship rather than return to a business arrangement he believed could recreate the conflicts that had led to the group’s earlier split.
Mr P also alleged that before the reunion, both Rudeboy and Jude had disagreed over a N90 million loan. According to him, Rudeboy assured him that he would be kept informed about discussions taking place behind his back.
The singer insisted that the widely celebrated reunion in November 2021 was never intended to revive P-Square as a commercial entity. Instead, he said the brothers had only agreed to reconcile as family members while continuing their respective solo music careers and supporting each other’s work.
P-Square, formed in 1999 by Peter and Paul Okoye with Jude serving as manager, became one of Africa’s biggest music acts before publicly splitting in 2017 following years of disagreements over management, finances and creative control. Although the brothers reunited in 2021 and returned to the stage, their relationship deteriorated again, with Rudeboy later confirming that P-Square no longer existed.
The latest revelations also come against the backdrop of an ongoing criminal case involving Mr Jude Okoye.
Last year, the Economic and Financial Crimes Commission (EFCC) arraigned the former manager before the Federal High Court in Lagos on allegations involving approximately N1.38 billion, $1 million and £34,537.59 in alleged money laundering. He has since pleaded not guilty and was granted bail.
Mr P, who testified for the prosecution during the trial, said his video series is far from over and promised to continue sharing what he described as the true story behind the collapse of P-Square and the business decisions that ultimately strained the family’s relationship.
By Modupe Gbadeyanka
Popular musician, Mrs Iyun Janet Oluwatoyosi Ajilore, otherwise known as Saint Janet, has died.
The singer, known for her explicit lyrics, was said to have died in the early hours of Sunday, August 2, 2026, after a brief illness.
Her demise has thrown some of her admirers into shock. Some of her fans and colleagues have started to send their condolences.
The Highlife musician, who is also fondly called Mama Yabis, rose to fame after her controversial Faaji Plus featured lewd lyrics and was banned multiple times by regulatory bodies like PMAN and the Lagos State House of Assembly.
However, this did not stop her from performing at private events, as she was loved by some who were moved by her guts and electrifying live performances, energetic stage presence, and unique style of engaging audiences through satire, humour, and socially unfiltered commentaries.
